Freeline Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Freeline Therapeutics Holdings plc (Nasdaq: FRLN) announced on February 28, 2022, the grant of 165,700 non-statutory options to three newly hired employees, in alignment with Nasdaq Listing Rule 5635(c)(4). The options, with an exercise price of $1.09 per share, were approved by an independent subcommittee and are part of the 2021 Equity Inducement Plan. They will vest over four years, with 25% vesting after one year. Freeline specializes in AAV vector-mediated gene therapies for inherited diseases, with ongoing clinical programs in Hemophilia B, Fabry disease, and Gaucher disease Type 1.

Positive

• Granting of 165,700 stock options to new employees can enhance employee retention and motivation.
• The exercise price of $1.09 aligns with recent share prices, indicating a potential value for employees and alignment with shareholder interests.

Negative

• None.

LONDON, March 03, 2022 (GLOBE NEWSWIRE) -- Freeline Therapeutics Holdings plc (Nasdaq: FRLN) (the “Company” or “Freeline”) today announced that on February 28, 2022, the Company granted three newly hired employees non-statutory options to purchase an aggregate of 165,700 of the Company’s ordinary shares.

The awards were granted as an inducement material to the employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4) and were approved by an independent subcommittee of the remuneration committee of Freeline’s board of directors. The awards were granted pursuant to the terms of Freeline’s 2021 Equity Inducement Plan, which was adopted by Freeline’s board of directors in September 2021.

Each of the options has an exercise price of $1.09 per share, which was the closing price of Freeline’s American Depositary Shares reported by Nasdaq on February 25, 2022, the last trading day preceding the grant date. The options have a maximum 10-year term and vest over a four-year service period, with 25% of the award vesting on the first anniversary of the vesting commencement date, with the balance vesting monthly over the remaining three years.

About Freeline Therapeutics

Freeline is a clinical-stage biotechnology company developing transformative adeno-associated virus (“AAV”) vector-mediated systemic gene therapies. The Company is dedicated to improving patient lives through innovative, one-time treatments that provide functional cures for inherited systemic debilitating diseases. Freeline uses its proprietary, rationally-designed AAV vector, along with novel promoters and transgenes, to deliver a functional copy of a therapeutic gene into human liver cells, thereby expressing a persistent functional level of the missing or dysfunctional protein into the patient’s bloodstream. The Company’s integrated gene therapy platform includes in-house capabilities in research, clinical development, manufacturing, and commercialization. The Company has clinical programs in Hemophilia B, Fabry disease, and Gaucher disease Type 1. Freeline is headquartered in the UK and has operations in Germany and the US.

Media Contact:

Arne Naeveke, PhD
Vice President, Head of Corporate Communications
arne.naeveke@freeline.life
+1 617 312 2521

IR Contact:

investor@freeline.life

FAQ

What options did Freeline Therapeutics grant to employees?

Freeline Therapeutics granted 165,700 non-statutory options to three newly hired employees.

What is the exercise price for the stock options granted by FRLN?

The exercise price for the options is $1.09 per share.

How long is the vesting period for the options granted by Freeline Therapeutics?

The options vest over a four-year period, with 25% vesting on the first anniversary.

Under what plan were the stock options granted by FRLN?

The stock options were granted under the 2021 Equity Inducement Plan.

What is the focus of Freeline Therapeutics' clinical programs?

Freeline is focused on gene therapies for Hemophilia B, Fabry disease, and Gaucher disease Type 1.